Have your clients faced the following dilemma when their home is undergoing renovations? Their household policy contains a clause similar to ‘If you intend to undertake any work to extend, renovate, build or demolish any part of the buildings and the estimated cost is more than €50,000, you must tell us about the work at least 30 days before the work starts and before you enter any contract for the works. If you do not tell us about such work, we may not pay for any damage directly or indirectly caused by or resulting from the building works.’
Insurers may restrict cover to fire only or decline any cover.
Builders contract conditions make the homeowner responsible for the existing structures ‘all existing structures and their contents shall be at the sole risk of the homeowner as regards loss or damage caused by the undernoted perils. Fire, storm, tempest, flood; or bursting or overflowing of water tanks or apparatus or pipes; or riot, civil commotion or malicious damage, explosions, impact or aircraft.’
Homeowners 26 provides an easy solution to a common dispute between contractors and homeowners relating to responsibilities of the existing structures during building works. A first party policy (including financial institutions where necessary) this policy replaces the existing household policy for the duration of the contract plus 30 days. The property damage section of the existing policy can be suspended in respect of buildings & contents but not all risks items.
Key Features:
Cover: Fire & Perils including Fire Brigade charges, Architects, Surveyors, Engineering & Legal fee’s
Insurer: Lloyd’s (Novae)
Minimum Premium: €400+Levy + €25 Documentation fee
Submission form: Available here on our website
Sums Insured: Up to €1,250,000 over which it is a referral to insurers
Commission: 12.5%
Subject to Underwriting terms and conditions.
By ring fencing your clients existing insurance programme you may be protecting them against the possibility of increased insurance premium, possible non-disclosure or worst of all an uninsured loss.
